sanwacompany ltd.
3187・Growth Market・Retail Trade
Business
Miratap Co., Ltd. (formerly Sanwa Company Ltd., renamed in October 2024) is a housing equipment and building materials e-commerce company founded in 1979 and listed on the Tokyo Stock Exchange (now the Growth Market) in 2013. It offers products under a one-price policy—identical terms and prices—to both construction professionals such as design firms, general contractors, and builders, and to general consumers, regardless of customer type. Approximately 80% of net sales come from original products (in-house developed items and exclusively imported items), with minimalism as the design concept. The company operates showrooms at six domestic locations and unmanned Smart Showrooms® at two locations to compensate for the weaknesses of e-commerce. It also operates a housing business (ASOLIE, SUVACO, etc.), but in September 2025 it sold Best Bright, its subsidiary for spec-built and custom-built homes, clarifying its focus on the housing equipment and building materials e-commerce business.
Business Model
By eliminating the existing complex distribution process and selling in-house developed products and exclusively imported overseas products directly through EC, the company achieves appropriate pricing. Original products account for approximately 80% of sales, achieving both price transparency and differentiation. Providing hands-on experience opportunities through showrooms increases the purchase conversion rate, and repeat purchases by architecture/construction professional customers (rising unit prices and increasing order frequency) support the earnings base. Customer referrals through collaboration with ASOLIE and SUVACO also serve a complementary revenue function.
Company Strengths
Original products, combining in-house developed products and domestically exclusive imported products, account for approximately 80% of net sales. With minimalism as its design concept, the company enhances its brand value through active submissions to internationally renowned design awards. This achieves both differentiation from competitors and maintained price competitiveness simultaneously.
In addition to six staffed showroom locations in Tokyo, Osaka, Sendai, Nagoya, Kyoto, and Fukuoka, the company operates two fully unmanned Smart Showroom® locations in Sapporo and Yokohama. This addresses the need to physically inspect products—a weakness of e-commerce—while also providing interior design proposals from staff, building a system that enhances the purchase conversion rate.
Construction professional customers such as design firms, general contractors, and local construction companies form the core of the existing customer base. In FY2025 (ending September 2025), an increase in the average purchase price among existing customers contributed to sales growth, with the Housing Equipment and Building Materials E-commerce segment achieving net sales of ¥15,121 million (up 4.1% year on year). Repeat purchases by professional customers underpin the stability of sales.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has maintained an expansionary trend, growing from ¥11,260 million (FY2021) to ¥16,747 million (FY2025). However, in FY2025 the company fell into a substantial loss, with operating loss of ¥282 million and net loss of ¥448 million, due to large-scale advertising investment. In the first half of FY2026 (non-consolidated, housing equipment/building materials EC segment alone), the company turned profitable, posting revenue of ¥7,886 million, operating income of ¥269 million, ordinary income of ¥249 million, and net income for the interim period of ¥211 million. Full-year forecasts call for revenue of ¥17,035 million (+12.0% year on year), operating income of ¥352 million, and net income of ¥227 million. On the external front, persistently high building material prices and sluggish new housing starts are constraining the demand environment, while a key challenge is that the gross profit margin has trended below the level of the same period last year due to shifts in the product mix and other factors.
Growth Strategy
Mid-to-long-term growth driven by strengthening the domestic EC revenue base, overseas expansion, ASOLIE/SUVACO collaboration, and AI investment
The company shifted its policy away from the large-scale advertising investment seen in the previous interim period, and shifted to operating the business with a focus on balancing investment and profitability. While growth in customer numbers was somewhat weak, the company secured net sales of ¥7,886 million and operating profit of ¥269 million through revenue growth driven by higher purchase amounts per existing customer and increased order frequency.
The company is expanding system investments, including the introduction of in-house AI systems aimed at improving operational efficiency. At this stage, costs are being incurred ahead of returns, but this is being pursued as part of building a foundation for strengthening mid-to-long-term earnings power, and it is expected to contribute to future operational efficiency and productivity improvements.
The company is building an overseas sales foundation through the development of overseas showrooms, including in the Philippines. The current fiscal year is positioned as the 'second year of the growth phase,' and expanding the overseas business remains one of its key priority initiatives.
Through strengthened collaboration between ASOLIE and SUVACO (business transferred in December 2024), the company aims to increase customer referrals to the housing equipment and building materials EC business and generate synergies. It is working to strengthen its revenue base by offering new services to affiliated construction companies and through mutual customer referrals.
The company is promoting the development of new markets that are less affected by the slowdown in housing starts, by expanding adoption of its products in the non-residential sector, such as accommodation facilities. This is also expected to have a risk-diversification effect against external headwinds facing the housing industry.
Last updated: July 17, 2026